The Plan for Accelerating Exploration (PACE) was launched in April 2004 (2004–2009; $22.5M) and quickly gained worldwide recognition as one of the most innovative government mineral resources initiatives. PACE was also quick to attract the support...
The Plan for Accelerating Exploration (PACE) was launched in April 2004 (2004–2009; $22.5M) and quickly gained worldwide recognition as one of the most innovative government mineral resources initiatives. PACE was also quick to attract the support of local industry and in April 2007 PACE was extended by two years, bringing its total value to $30.9 million over seven years. PACE builds upon the successes of previous government initiatives adopting the core principals of economic stimulation, accessibility to land, development of sustainable exploration and mining, and increasing cultural awareness. It has directly contributed to the impressive surge in the South Australian mining and exploration sector and the identification of many new mineral deposits such as the world class Carrapateena ore body. In 2010, the Government released Mining in South Australia Policy of which the cornerstone was a $10.2 million expansion of the PACE Initiative. The new PACE initiative – PACE 2020 – leverages the success of PACE and is a key component in achieving South Australia’s State Strategic Plan targets and other key priorities: • Exploration expenditure in SA to be maintained in excess of $200 million per annum until 2015; and, • Increase the value of minerals production and processing to $10 billion by 2020. PACE 2020 is closely aligned with meeting, maintaining and exceeding the challenging key mineral exploration and production targets set out by the State Government. PACE 2020 directly supports and influences: innovative geoscience projects and the delivery of new precompetitive data; best practice policy development and streamlining mining approvals; collaborative programs with the industry, universities and other government agencies; and the global promotion of South Australia’s mineral wealth. Over the first two years of PACE 2020, the spending on mineral exploration in South Australia hit a post-GFC (Global Financial Crisis) high in 2011/12, confirming that South Australia remains a major destination for investment in exploration across a wide range of minerals. PACE 2020’s suite of collaborative programs, continual delivery of precompetitive geoscientific data and persistence in global marketing has been instrumental in returning exploration expenditure to well over $300 million a year. The Australian Bureau of Statistics figures show spending on mineral exploration in South Australia rose to $328.4 million in the 12 months to the end of June 2012, up 28.9% compared with the same 12-month period in 2011. Combined spending on mineral and petroleum exploration in South Australia during the same period exceeded $500 million – only the second time this milestone has been reached. This impressive rate of growth reaffirms South Australia’s reputation as the next great mining and energy frontier. The launch of SARIG 2020 (South Australian Resources Information Geoserver) has brought about a new era of data delivery and online business. SARIG 2020 is currently delivering its most diverse range of geoscientific data, information and products to the exploration and mining community, and companies are now utilising new online systems for more streamlined business interactions. Potential investors also now rely on SARIG 2020 as a key information source, accessing new state infrastructure, production statistics, and mining and exploration project information. The independent Fraser Institute Annual Survey of global mining companies currently ranks South Australia as No. 1 in the world against all other mining jurisdictions, in the category of “Geological Database”. SARIG 2020 is a key element in maintaining South Australia’s international reputation for online world class geoscientific information. The South Australian Government has capitalised on its promotion of the State’s prospectivity through PACE 2020 by attracting several new international and national exploration and mining companies to the State, and has seen the brokering of new strategic partnerships with Canada, China, India and Chile. This report highlights in greater detail the key PACE 2020 outcomes and milestones delivered to the State between 2010 and 2012.
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